Most of the shares were redeemed by a San Francisco SPAC that purchased Beneficient last year.
began trading on Nasdaq Thursday following its merger last year with Avalon Acquisition.
The stock, which trades under the symbol BENF, opened at $15 a share and ran up to $16.50 before starting on a steady decline. Shares closed Thursday at $9, down 40% from the opening. San Francisco-based Avalon is a blank check company that raised $207 million in 2021 in its initial public offering. It acquired Beneficient with the intention of taking it public through its special purpose acquisition company structure, commonly referred to as a SPAC deal.
Spac IPO prices have historically been volatile basically because redemptions are high, said Matt Kennedy, senior IPO market strategist at Renaissance Capital. About 18 million shares were redeemed by Avalon shareholders. A holder of a share of Avalon was entitled to $10 a share plus interest. It’s not clear how much Beneficient raised Thursday, Kennedy said.
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